ES 8-10-16

78.75 is my magnet price this morning so I prefer shorts from higher prices...ideal would see a push up into 81 - 82 that runs out of power and flip over for sellers to drive it back down.......other magnet would be 76 on downside.....we can use the OR idea again and get some practice trying for the plus or minus 4 but in summer trade there are days where this could take all day ......

but keep the plus 4 in mind in case buyers take over and try for new weekly highs...my preference is to see what happens down at the 78.75 and the 76...

you will find that quite often in low volatility the OR trades happen very close to other numbers and areas of interest which make them harder to take sometimes....on the flip side we can use a standard 1.5 point loss and try up to 4 times ( so we don't lose more than $300 per contract on the day) to try and get some winners.....my suggestion is that if you have a loss then the first order of business is to make up that loss if given the chance......so turning a profit may require trading more than one contract when you stop and reverse when wrong....hope that makes sense

edit: made as market is open...here is tricky part with OR trades...do we trade for midpoint of overnight and take the low breakdown or take the breakout of OR high in order to get overnight high? for me I'm on the short but not from OR trade...bottom line is that sometimes the OR highs and lows do not give the best trade initiation locations...hnece my comments last week to trade the OR mechanically and not over think them....

thanks....they ALMOST made it easy on us today..........seems like european session is gaining more power these days.....so it may be important to watch their lows and high too....besides our total overnight highs and lows....look at 3 a.m EST open ? cool stuff